Posted on 14th February 2019
Want to get into that new property as soon as possible? Wanting your sale to Complete yesterday?
It is often difficult for your property solicitors to pinpoint a specific date for Completion within your transaction, unless the matter is well progressed and your property solicitors have been able to agree a date with the vendor’s or buyer’s legal team.
When selling a property in the local area, MG Legal will advise that the usual time limits are set at approximately 4-6 weeks to Complete.
When purchasing a property, your property solicitors Preston will advise, a slightly longer time frame, at approximately 6-8 weeks to Complete. Our team in Longridge, Lancashire, have dealt with a lot of new-build properties, from various well-known developers, and they are usually taking the same time to Complete.
There are, however, some fundamental factors that can affect the speed of the process. These include the following:
Survey: Whether you are buying or selling, a survey can affect the speed at which your property transaction progresses. If you are selling, your buyer will usually arrange for a survey to be carried out on the property, there will then be a wait for an appointment date and, following this, the return of the report itself.
The results of the survey can reveal issues which may require remediation before the matter progresses, for example structural issues. When purchasing a property, your solicitors will ask for a copy of the survey carried out to review and ensure that no issues have been revealed.
Searches: To avoid delays, at MG Legal, we instruct the search providers to carry out a searches bundle, inclusive of local authority, environmental, coal and mining and water and drainage searches, as soon as we receive a client’s instruction to proceed. These usually come back within 7-10 working days.
Upon receipt, our solicitors in Preston will review the results and then report to you on any issues. If there are any issues revealed, further action may be necessary which could result in a slight delay in the matter. Remember, you’ve chosen to instruct your property solicitor, and they need to look after your interests.
No conveyancing solicitor should proceed without checking the integrity of the property being purchased.
Length of the Chain: If you are buying/selling as part of a long chain, this can further delay matters. Before a date can be agreed for Completion, your conveyancing solicitors need to ensure that all parties are ready. This means that your matter can be reliant on a number of other parties and can potentially cause delays. There is nothing wrong with chasing the buyers/sellers solicitor to take instruction from their client.
Mortgage Offer: The mortgage application process can be lengthy and entail a number of different aspects which are to be satisfied before a formal Mortgage Offer can be issued. If purchasing a property with the assistance of a mortgage. Your solicitor will require sight of the formal Offer to ensure all terms and stipulations within the same are satisfactory. Waiting for the Offer to be approved can, sometimes, cause slight delays, but chasing the mortgage broker can help save time.
As you can see, there are a number of factors which can affect your property transaction, and this is not an exhaustive list.
At MG Legal, your conveyancing solicitors Preston are on hand to ensure that your property transaction moves as smoothly and as quickly as possible. We understand that time constraints can be frustrating, however, our team are always on hand to help and progress your matter and Complete on the day that you wish.
We’ve been known to move heaven and earth to make our clients move on time.
MG Legal - Your Local Solicitors
Tagged as: Conveyancing, Conveyancing Solicitors Preston, First Time Buyers, Garstang, Lancaster Law, Preston Property Law, Your Local Solicitors
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